Guangzhou (C1 Energy)--Sinopec Qingdao Refining & Chemical sold 4,300 tonnes of LPG in three cargoes in the week ended 20 January, down by 900 tonnes or 17.3% from the previous week, according to C1 research.
The company reduced its LPG price to promote sales in case of swollen inventory, though it faced no stock pressure at the moment, a company source said.
It pegged its LPG posting price at yuan (CNY) 5,800/tonne on Friday, down by CNY200/tonne from a week ago.
Its LPG output is stable at 1,100-1,200 tonnes/day currently, versus the normal level of 1,800 tonnes/day.
Located at Qingdao city in Shandong province, Qingdao Refining & Chemical has a crude processing capacity of 10m tonnes/year. It supplies about a half of its LPG to south China and east China’s Zhejiang province.
